FINANCIAL
Fiscal 2016
Operating Expenses
Funds appropriated by the State of North Carolina support most College operations. State tuition from all of the 58 community colleges is pooled at the state level and used to fund a portion of each college’s state budget allocations. Curriculum tuition rates are set by the North Carolina General Assembly. The College’s tuition rates did not increase and remain at $76 per credit hour for in-state tuition and $268 per credit hour for out-of-state tuition. While community college tuition rates in North Carolina remain low when compared to other states, rates have increased by almost 45 percent since 2009-2010.
State budget appropriations are based on the previous year’s full-time equivalent (FTE) enrollments. In Fiscal 2015-2016 Rowan-Cabarrus was funded for a total of 6,362 budget FTE for the students enrolled in curriculum, continuing education and basic skills during the 2014-2015 academic year. The College’s Financial Statements for the year ending June 30, 2016, report operating and non-operating revenues totaling $61,019,307. This includes state current aid of $32,239,257 and $339,947 for state capital aid. County current appropriations for the year totaled $4,378,101 while county capital aid was $5,315,029. The remaining revenue was from grants, donations, sales and services receipts and student financial aid monies that are pass-through dollars to the student. Additionally, the total revenue figure includes $3,965,661 in student tuition and fees, but it is important to note that state tuition monies are remitted to the state and not kept by the
College. The College continued capital projects at multiple campuses in both counties during the year utilizing state capital dollars, Rowan County bond dollars and special capital appropriated funds from both counties to fund critically important renovation and construction projects. North Carolina community colleges operate on a cash basis accounting system with fiscal year end at June 30. Revenues may exceed expenditures when monies received for grants, financial aid awards and other institutionally funded activities are received before June 30, but expenditures are recorded after the end of the fiscal year.
In Fiscal 2015-2016, the College helped 4,598 students receive financial aid totaling $12,795,312. The aid included approximately $1.9 million in scholarships, grants and other forms of agency, state, and federal aid, as well as $10.9 million in Pell grants were assisted approximately 3,361 students. We also served and certified 230 veteran students who received $395,249 from the Department of Veteran Affairs. An economic impact study completed in 2014 by Economic Modeling Specialists International, indicates that the annual impact of Rowan-Cabarrus alumni in 2012-2013 was more than $234 million in added income within Rowan and Cabarrus counties.
Net Position
The statement of net position reflects the overall financial position of the College at a given point in time. In Fiscal 2015-2016, the College’s total assets grew by almost 6 percent while total liabilities increased by 10.2 percent, and the College’s total net position increased by 12.29 percent. The increase in net position is primarily due to an overall increase in construction in progress and capital assets resulting from continuing capital improvements in both counties.